Firstsource Solutions Ltd logo

Firstsource Solutions Ltd

FSL NSE

Key Fundamentals

SmallcapBPO / KPOCommercial Services
Market Cap
₹18,488 Cr
Volatility
Moderate
P/E Ratio
27.8
EBITDA
₹1,564 Cr
Return on Equity
15.38%
Debt to Equity
0.67
Book Value
₹62.16
EPS
₹7.43
52W High
₹381.4
52W Low
₹202

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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57 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 50.4%

Growth Rate

Revenue Growth
19.86% ↗
Net Income Growth
13.44% ↗
Cash Flow Change
73.15% ↗
ROE
6.00% ↗
ROCE
9.15% ↗
EBITDA Margin (Avg.)
8.13% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Firstsource Solutions is a mid-cap BPM company (market cap ₹19,066 Cr) that achieved the US$1 billion annualized revenue run-rate milestone in FY25, with FY26 revenue growing ~20% YoY to ₹95,564 million. The stock trades at a PE of 28.9x — above its 10-year historical average of ~17x — while the stock price has declined ~25% over the past year despite strong operational momentum.

Bull Case 8
  • FY26 revenue grew 19.75% YoY to ₹95,564 million, marking back-to-back years of strong double-digit growth (FY25 grew 25.95%)
  • Compounded sales CAGR of 17% over 3 years and 13% over 5 years demonstrates sustained top-line momentum well above the BPM industry average
  • EBIT margin expanded consistently through FY26, reaching 12.2% in Q4 FY26 — the sixth consecutive quarter of margin improvement — with FY27 guidance of 12.25%-12.75%
  • Compounded profit growth of 28% TTM and 14% over 3 years shows earnings scaling faster than revenue, indicating positive operating leverage
  • Healthy dividend payout ratio of 50.4% with a dividend yield of 2%, providing income visibility while the company continues to reinvest for growth
  • ROE has been steady at 16% over 3, 5, and 10 years, improving to 18% in the latest year, indicating consistent capital efficiency
  • FY27 constant currency revenue growth guidance of 10%-13% signals continued double-digit expansion and management confidence in the pipeline
  • 10-year stock CAGR of 20% reflects long-term value creation despite recent corrections
Bear Case 8
  • Stock has declined ~25% over the past 1 year (1-year stock CAGR of -25%) despite strong fundamentals, suggesting valuation de-rating or market sentiment headwinds
  • Current PE of 28.9x is significantly above the 10-year historical average PE of ~17x, implying the stock may still be pricing in optimistic growth expectations
  • Price-to-book of 4.42x is elevated for a services business, leaving limited margin of safety if growth decelerates
  • The stock has traded in a wide 52-week range of ₹200.60 to ₹381.50, reflecting high volatility and a ~47% drawdown from peak to trough
  • FY27 revenue growth guidance of 10%-13% represents a deceleration from FY26's ~20% and FY25's ~26% actual growth, signaling potential slowing momentum
  • Debt-to-equity ratio at approximately 54% (per financial data sources) indicates meaningful leverage for a services company that relies on people costs
  • EBIT margins of 11-12% remain below top-tier IT services peers, limiting profitability upside even as revenue scales
  • FY26 PAT grew only 13.45% YoY despite 19.75% revenue growth, suggesting margin expansion is partly offset by below-the-line items or higher interest costs

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 6h ago
Positives 3
  • Revenue up 22.9% YoY in Q1 Aug 6

    Consolidated revenue reached ₹27,517.51 million for Q1FY27, a 22.9% YoY increase. Reported PAT was ₹1,659.17 million after exceptional charges.

  • AI partnership with Cresta Aug 11

    Strategic partnership with Cresta to deliver integrated AI technology solution for enterprise CX transformation, combining Cresta's platform with Firstsource's operational expertise.

  • Dividend & director approved at AGM Aug 6

    Shareholders approved FY26 financials, confirmed interim dividend, and reappointed Mr. Pradip Kumar Khaitan as Non-Executive Director at the 25th AGM held Aug 6, 2026.

Neutral 2
  • 550,000 ESOPs granted to employees Aug 5

    Nomination and Remuneration Committee approved grant of 550,000 stock options to eligible employees under ESOP 2019 plan on August 5, 2026.

  • Investor roadshow and earnings call Jul 21

    Company hosted analyst/institutional investor meetings on Aug 7 and a Q1FY27 earnings conference call on Aug 6, 2026 to discuss June quarter results.

TL;DR: Firstsource is executing well with strong 22.9% YoY revenue growth in Q1FY27 and proactively investing in AI capabilities through its Cresta partnership. No material headwinds are visible in recent news flow. The trend is improving, with robust topline momentum and strategic positioning in AI-driven customer experience services.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,529
1,540
1,597
1,670
1,791
1,925
2,102
2,161
2,218
2,312
2,443
2,583
2,725
Expenses
1,289
1,311
1,359
1,420
1,521
1,638
1,785
1,829
1,871
1,936
2,040
2,153
2,274
Operating Profit
240
229
237
250
270
287
318
333
347
376
403
430
451
OPM %
16%
15%
15%
15%
15%
15%
15%
15%
16%
16%
16%
17%
17%
Other Income
2
17
15
3
2
-3
7
2
7
1
-97
-2
-66
Interest
25
26
25
27
32
34
39
43
43
43
43
52
52
Depreciation
61
65
66
67
73
79
84
91
97
110
111
116
115
PBT
155
154
161
159
167
171
201
202
213
224
152
261
219
Tax %
19%
18%
20%
16%
19%
19%
20%
20%
21%
20%
21%
21%
24%
Net Profit
126
127
129
134
135
138
160
161
169
180
120
205
166
EPS in Rs
1.79
1.8
1.83
1.9
1.92
1.96
2.27
2.27
2.39
2.54
1.7
2.9
2.35
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,035
3,217
3,556
3,535
3,826
4,099
5,078
5,921
6,022
6,336
7,980
9,556
10,064
Expenses
2,645
2,819
3,109
3,064
3,274
3,445
4,239
4,939
5,165
5,329
6,737
7,952
8,403
Operating Profit
390
398
447
471
552
654
839
982
858
1,008
1,244
1,605
1,660
OPM %
13%
12%
13%
13%
14%
16%
17%
17%
14%
16%
16%
17%
16%
Other Income
7
9
3
5
4
9
-114
1
131
37
8
-91
-163
Interest
80
61
54
53
46
83
87
86
110
155
184
230
190
Depreciation
72
61
59
66
74
185
206
249
263
260
327
434
451
PBT
244
286
337
358
436
394
432
647
615
630
741
850
856
Tax %
4%
9%
17%
9%
13%
14%
16%
17%
16%
18%
20%
21%
—
Net Profit
234
261
279
327
378
340
362
537
514
515
594
674
671
EPS in Rs
3.52
3.87
4.11
4.76
5.47
4.9
5.2
7.69
7.33
7.31
8.41
9.54
9.49
Div. Payout %
0%
0%
0%
32%
37%
51%
58%
45%
47%
47%
47%
57%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
666
673
681
687
691
694
696
697
697
697
697
697
Reserves
1,422
1,104
1,347
1,665
2,030
2,072
2,103
2,336
2,670
3,003
3,401
3,688
Borrowings
1,031
891
965
667
557
1,356
1,194
1,784
1,393
1,526
2,569
2,922
Other Liabilities
306
286
316
352
352
393
789
796
785
702
1,091
1,825
Total Liabilities
3,427
2,954
3,309
3,371
3,630
4,514
4,783
5,613
5,545
5,929
7,758
9,131
Fixed Assets
2,444
2,022
2,068
2,080
2,223
2,871
2,998
3,744
3,716
3,853
4,994
5,567
CWIP
8
2
4
2
2
0
0
3
3
17
49
30
Investments
73
85
163
34
134
12
94
130
71
42
73
116
Other Assets
901
845
1,074
1,255
1,271
1,630
1,691
1,736
1,754
2,017
2,642
3,419
Total Assets
3,427
2,954
3,309
3,371
3,630
4,514
4,783
5,613
5,545
5,929
7,758
9,131
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
246
297
200
315
400
410
976
704
795
644
701
1,214
Investing
-104
-101
-233
96
-203
10
-344
-594
17
-57
-744
-443
Financing
-246
-207
4
-327
-273
-277
-689
-158
-743
-563
23
-667
Net Cash Flow
-105
-11
-30
84
-76
143
-58
-49
69
23
-21
104
Free Cash Flow
201
212
123
258
292
297
806
631
744
559
477
1,082
CFO/OP
76
89
57
83
84
71
125
81
100
71
66
87
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
35
34
31
39
37
50
61
59
63
67
77
79
Cash Conversion Cycle
35
34
31
39
37
50
61
59
63
67
77
79
Working Capital Days
-33
-27
-33
-35
-20
-37
-28
-20
-22
-19
-20
-40
ROCE %
10%
12%
14%
13%
15%
13%
16%
17%
15%
16%
15%
17%

Shareholding Pattern

As of Jun 2026
Promoters 53.66%
DIIs 25.41%
Public 9.99%
FIIs 8.38%
Others 2.56%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
53.72%
53.68%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
53.66%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
9.89%
9.59%
9.36%
11.63%
11.01%
10.08%
9.58%
9.25%
9.19%
8.86%
8.38%
DIIs
14.23%
14.92%
13.67%
14.67%
14.64%
14.56%
13.26%
14.17%
15.06%
15.16%
16.22%
18.16%
19.27%
19.52%
18.60%
20.88%
22.90%
23.94%
24.62%
25.20%
25.49%
25.41%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
15.47%
13.49%
15.88%
16.29%
18.12%
18.66%
19.49%
18.57%
17.38%
16.38%
15.18%
14.26%
13.50%
13.40%
12.51%
11.39%
10.44%
10.14%
9.75%
9.45%
9.42%
9.99%
Others
16.57%
17.91%
16.80%
15.38%
13.58%
13.13%
13.60%
13.60%
13.91%
14.81%
14.94%
4.04%
3.99%
4.07%
3.60%
3.07%
2.92%
2.68%
2.71%
2.50%
2.58%
2.56%
No. of Shareholders
1,95,877
2,07,560
2,78,435
2,94,100
3,20,499
3,28,001
3,41,663
3,28,787
3,09,891
2,95,283
2,87,185
2,75,233
2,66,874
2,58,789
2,82,859
2,80,639
2,66,868
2,54,253
2,40,982
2,30,472
2,29,935
2,42,813

Documents

1
Concall - Aug 2017 Aug 2017
2
Concall - Sep 2017 Sep 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Feb 2018 Feb 2018
5
Concall - Feb 2018 Feb 2018

Frequently Asked Questions about Firstsource Solutions Ltd

What does Firstsource Solutions Ltd do?
Firstsource Solutions Limited is a leading player in the Business Process Management (BPM) industry. Part of the RP-Sanjiv Goenka Group, Firstsource provides bespoke services and solutions to its customers across Banking and Financial Services, Healthcare, Communications, Media and Technology, an...
Where is Firstsource Solutions Ltd (FSL) listed?
Firstsource Solutions Ltd is listed on the Indian stock exchanges. It is listed on NSE: FSL and BSE: 532809. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Firstsource Solutions Ltd belong to?
Firstsource Solutions Ltd operates in the Commercial Services sector within the BPO / KPO industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Firstsource Solutions Ltd?
Firstsource Solutions Ltd has a market capitalisation of approximately ₹18487.68 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Firstsource Solutions Ltd?
The Price-to-Earnings (PE) ratio of Firstsource Solutions Ltd is 27.80. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Firstsource Solutions Ltd?
Over the past 52 weeks, Firstsource Solutions Ltd has traded between a low of ₹202 and a high of ₹381.4. This range helps investors understand the stock's price volatility and recent trading levels.
Does Firstsource Solutions Ltd pay dividends?
Yes, Firstsource Solutions Ltd has a dividend yield of 2.05%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Firstsource Solutions Ltd?
Firstsource Solutions Ltd has a Return on Equity (ROE) of 15.38%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Firstsource Solutions Ltd on Tapetide?
On Tapetide, you can view Firstsource Solutions Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Firstsource Solutions Limited is a leading player in the Business Process Management (BPM) industry. Part of the RP-Sanjiv Goenka Group, Firstsource provides bespoke services and solutions to its customers across Banking and Financial Services, Healthcare, Communications, Media and Technology, and other diverse industries. The company has the philosophy of 'Digital First, Digital Now' [1]

Website firstsource.com
CEO Mr. Ritesh Mohan Idnani
Employees 35,997
Listed 2007-02-22
Face Value ₹ 10
Issued Size 69,69,90,826

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